University Place - 5th/3rd Bank_Property for Sale
University Place - 5th/3rd Bank_Property for Sale
201 S Estes Dr, Chapel Hill, NC, 27514, US

University Place - 5th/3rd Bank

Asset Description

Jones Lang LaSalle is pleased to offer the brand new, corporate Fifth Third Bank Ground Lease (the “Property” or “Asset”) located in Chapel Hill, NC. Investors have the unique opportunity to purchase a newly constructed Fifth Third Bank location, featuring a state of the art interior and exterior. The Asset provides investors with long-term cash flow from a renown global financial tenant, featuring attractive rental increases designed to hedge against inflation.


Located in Chapel Hill, the Asset is located just 2.0 miles from the University of North Carolina at Chapel Hill and falls within the Research Triangle Park (“RTP”). Boasting some of the most affluent demographics, the RTP area benefits from its proximity to Duke, University of North Carolina at Chapel Hill, and North Carolina State. RTP is also ranked as the largest research park in the county with a diverse mix of leaders in the pharmaceutical, biotechnology, healthcare, and financial services industries.


The Property is also positioned as an outparcel to University Place shopping center, a former mall that has begun the redevelopment process. The redevelopment plans to include 350,000 square feet of retail space, a brand new hotel, 60,000 square feet of office space, more than 250 residential units and more than two acres of greenspace (see link on slide 6 for further detail). This redevelopment will enhance the overall vibrancy of the asset by including upscale retailers like Bartaco. University Place’s redefined mixed-use environment coupled with a luxury/upscale merchandising mix will draw similarities to Fenton Place in nearby Cary.  The Property is located within a mile of the most visited Whole Foods in North Carolina, Harris Teeter, the second most visited Trader Joe’s in North Carolina, Aldi, and many other well known national retailers. The Property is in a highly desirable location with an average household income of over $157,371 within a one-mile radius of the property. The Asset benefits from direct access to 57,000 VPD via Fordham Blvd, S Estes Dr, and Willow Dr. 

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Attributes

Asking price
SEK 46,832,000
NOI
SEK 2,459,000
Cap rate
5.25%
WAULT
17.83 years
Building area net
202 m²
Occupancy
100%
Year built
2023
Land area gross
0.27 ha

Media

Investment Highlights

  • 18 year Absolute NNN lease with no landlord responsibilities
  • Investment Grade Tenancy (Moody's: A-)
  • 10% increase every 5-years, and four (4) renewal options
  • Located in the affluent Chapel Hill MSA with over 130,000 residents in a 5-mi radius
  • Market leading tenant with estimated revenues of of $7.81 billion
  • Prime location directly off S Estes Dr which connects to Franklin St, leading to downtown Chapel Hill
  • The area has experienced 14.3% population growth & an average household income of $157,000


University Place - 5th/3rd Bank 4_Property for Sale

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University Place - 5th/3rd Bank (0 Properties)

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Last updated
26 Feb 2024